Manny Pacquiao gets reprieve from tax authorities as Philippine Supreme Court issues TRO

August 20, 2014

In a ruling that indirectly might help the Pacquiao-Mayweather pipe dream fight come to fruition,  the Philippine Supreme Court issued a Temporary Restraining Order (TRO) to stop the enforcement of the Court of Tax Appeals (CTA) ruling which ordered Saranggani Congressman Manny Pacquiao and his wife Jinkee to post a cash bond in the amount of  $74.9 million U.S. dollars, or a surety bond in the amount of $112.4 million U.S. dollars, as a condition for suspending the collection of alleged deficiency in 2008 and 2009 income tax and value added tax (VAT) by the Bureau of Internal Revenue, while their appeal is still being heard.

The CTA was further ordered to proceed with CTA Case No. 8683 with “deliberate dispatch.”

Pacquiao stated, “The issuance by the High Court of a TRO allows both side to have a fair opportunity to present evidence and prove their case before the CTA. I think I have said all that needs to be said in connection with the taxes I have paid in the United States and in the Philippines. Let us now let the legal process take its course. For now, I am just glad I will be able to concentrate on training for my upcoming bout in Macau.”

The Supreme Court likewise enjoined the BIR from issuing, executing, enforcing, implementing, or otherwise giving effect to any Warrant of Distraint and/or Levy, Warrants of Garnishment, and Notice of Tax Lien, and from attempting to collect any tax on the basis of the deficiency income tax and VAT assessments against petitioners for the years 2008 and 2009.

The TRO is to be extended "indefinitely and until further orders."

For years, the Pacquiao-Mayweather mega-fight has failed to arise due to both fighters unquestionably sabotaging any attempt to complete a deal.

At one point, Pacquiao gave a feeble excuse of being fearful of drug testing needles close to fight night, making a wary Floyd Mayweather believe that perhaps Manny really was juicing.

At other points, Mayweather seemed downright frightened of Pacquiao's power, and essentially priced Manny out of the fight by coming to the negotiating table with absolutely ridiculous monetary terms when Manny actually was the bigger PPV draw at the time.

Lately, one barrier has been Floyd saying that he doesn't want to be Pacquiao's financial lifeline for his tax problems.  However, with this ruling, Pacquiao's looming appeal and potential court victory could eliminate this latest excuse, and perhaps finally, bring the fans the fight they have always wanted to see.

Safe to say that fight would not include the likes of Marcos Maidana or Chris Algieri, the two lesser fighters that are Mayweather and Pacquiao's next opponents, respectfully.

By Staff of TheDailySportsHerald.com and news services

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